Louisiana’s historic tax credit is preserving culture
Thursday, May 02, 2019
Program leads to more than $3.7 billion in investments in the rehabilitation of historic buildings over last decade
Over the last ten years, from 2009-2018, the Federal Historic Rehabilitation Tax Credit Program and the State Commercial Tax Credit Program have resulted in more than $3.7 billion in investments rehabilitation projects in Louisiana.
These tax credit programs encourage the preservation and continued use of historic buildings by offering economic incentives for their rehabilitation.
A study by PlaceEconomics, from 2007-2016, revealed that every $1 dollar the state of Louisiana provides in commercial tax credits spurs nearly $9 dollars in additional economic activity.
That same study showed that for every $1 in tax credits awarded the Louisiana Treasury received $.42 back before a developer or property owner could even use the tax credit. Fully half of all projects receiving the credits were smaller than $500,000 in total costs, demonstrating the historic tax credit is fundamentally a small business incentive.
These insights are brought to you by Bill Rodier, Executive Director, and Brandy Ledot, Economic Development Specialist III, of St. Landry Parish Economic Development.